The barter system of yore is making a comeback for organizations looking to save money—and still get the goods and services needed. With bartering, you can trade your organization’s products or services for those of another company. No money exchanged. All you have to do is figure out what you can trade and which sources can provide what you need or want. Here are some tips on trading success:
• Don’t hesitate to call businesses and services. You won’t know if they’d be interested in a trade unless you ask.
• You need to claim your trade as income on your taxes, because the IRS considers anything you acquire as taxable income.
• Be clear about the terms of the trade up front. Don’t think you can “work it all out” later. One of you is bound to feel like you got the short end of the stick.
• Agree on a deadline. You don’t want to have to wait too long for the other party.
• Be aware that trading is an “as-is” deal. Agree not to make an issue of it if the other party’s time, goods or services aren’t wholly satisfactory. Just don’t trade with that person or company again.